- BCH/USD trades below $700, however, bullish momentum building while the price eyes $780.
- The bulls to encounter increased selling pressure at the 23.6% Fibo.
Bitcoin cash price failed to gain momentum above $900; instead it embarked on a continuous decline breaking several support areas to trade below $700. The cryptocurrency has, however, recovered from the lowest levels it has traded in 2018 and is now exchanging hands above $750.
Bitcoin Cash is working hard to win the hearts of merchants across the world as the best alternative to Bitcoin payments. The recent addition of the BCH to BitPay payment system is a big milestone and has been welcomed with open arms by the users of the cryptocurrency. The Merchants will now have a choice between Bitcoin Cash and Bitcoin. They will also choose to receive their funds via the bank after one business day.
Technically, Bitcoin Cash price is forming a bullish momentum near $759 while the 50 Simple Moving Average trend indicator is working as an immediate support line at $742. The price will encounter increased selling pressure resistance at the 23.6% Fib retracement level with the last swing high of $1,083 and a low of $684. If the bulls give in to selling pressure and the declines return, BCH/USD major support level is at $684.
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